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Shiba Inu Army Rallies Behind BitMart as New Details Surface About Its Nearly $200M Hack -Breaking

by Mike Robinson

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Shiba Inu Army Gathers Behind BitMart to Seek Out New Information About its Nearly $200M Hack

As Dailycoin reported, cryptocurrency exchange BitMart became the latest target of a security breach – experiencing losses totaling almost $200 million on Saturday. BitMart CEO Sheldon Xia posted Monday that hackers had gained access to two hot wallets by stealing a private keys.

Xia provided more detail in extremely transparent fashion in follow-up tweets. In them, he said that BitMart will reimburse the victims of theft and cover any losses they may incur.

The hackers also stole $96,000,000 on Binance Smart Chain and $100 million of various cryptocurrency on the blockchain. The illegal grab saw the theft of almost 900billion tokens and a variety of tokens from Ethereum and Binance Smart Chain. Shiba leaders posted on Twitter Sunday, in spite of their loss, asking for patience and positivity from all members the #ShibArmy as they seek to find a resolution.

This official Shiba plea was meant to allow BitMart the time it needed to respond to its resolution. The exchange chose transparency, disclosure and complete restoration of funds. Although it was difficult at first, Xia’s BitMart leadership team managed to build long-term goodwill. In response to how well they managed this crisis, they might want to consider changing the exchange’s name to “Bit-Smart.”

Flipside

  • In the middle of a crisis, it’s extremely difficult to make good decisions quickly due to the lack of information that’s coupled with high levels of uncertainty, pressure, and confusion.
  • The BitMart leadership team handled this situation with skill and determination. They will be more resilient because of their exceptional handling.

Why you should care

An emergency is the best time to get information about an executive or organization. BitMart has so far handled the crisis with honesty, transparency, and expertise. I am tempted to exchange with them right now because of the customer-centric attitude and character displayed by their leadership. Bravo to BitMart

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